Bitcoin's recent price pullback has put $48 billion in leveraged positions at risk, with the $116K–$117K support level under scrutiny. Traders are assessing whether the rally is a breakout or a bull trap, as futures open interest surged with long positions during the price rise. The current correction is testing market liquidity and confidence. Data from Alphractal highlights dense liquidation clusters between $122K and $126K, with a critical zone near $117K. Additionally, over 32,000 BTC aged 3–5 years have moved on-chain, marking the largest shift in nearly 1.5 years, suggesting potential activity from long-term holders.